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Mortgage - Australian Corporation Compliance Act 2001

Posted on 1 March 2011 by Chris Lang


I am in the process of selling my business and providing a new lease to the new tenant. As I intend to move to Australia RBS are quoting the Australian Corporation Compliance Act 2001 stating that it prevents them from lending. As I am a UK resident at the time of the transaction, living in the UK how does this legislation apply?

Chris,

This act and the Australian National Consumer Credit Protection Act, which came into effect on the 1st of July, 2010 requires any body offering credit to people in Australia to be licensed.  As I am not a legal expert or lawyer I can not speculate as to why RBS believe it stops them lending to you.

Peter

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